EnLink begins tender offer for $725 million 8 7/8% notes due 2018

By Susanna Moon

Chicago, March 12 - EnLink Midstream Partners, LP said it began a tender offer for its outstanding $725 million 8 7/8% senior unsecured notes due 2018.

EnLink also is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and events of default provisions, according to a company press release.

The purchase price will be $1,050 for each $1,000 principal amount, which includes a consent payment of $30 per $1,000 of notes, plus accrued interest up to but excluding the settlement date.

The tender offer will end at 11:59 p.m. ET on March 18.

The offer is conditioned on completion of a public offering of senior notes.

Global Bondholder Services Corp. (866 470-4500 or 212 430-3774) is the tender agent and information agent. Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106 collect) is the dealer manager.

Change-of-control offer

EnLink said on March 11 that it may repurchase its 8 7/8% notes due 2018 under a mandatory offer that occurred after a change of control, as previously announced.

The repurchase offer was trigger by the completion of the merger among EnLink Midstream, Crosstex Energy, Inc., Devon Energy Corp., Acacia Natural Gas Corp I, Inc., formerly a wholly owned subsidiary of Devon.

EnLink Midstream Partners, formerly known as Crosstex Energy, LP, is a midstream natural gas company based in Dallas.

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